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Online Auctions Can Be Fun And Lucrative
By Richard Verker, Sat Dec 10th

When the Internet became popular in the mid-1990s, one of thefirst things users realized was its business potential. If youcan do business in a store or through a catalog, why not througha Web site? And soon online auctions were born.

Online auctions work essentially the same way as regularauctions. A seller places an item up for bids, and interestedparties take turns naming the price they'd pay for it, untilfinally the highest bidder wins and must purchase the item forthe last price he named. On the Internet, a time limit isusually imposed; for example, the highest bid received afterthree days is the winner.

EBay, founded in 1995, soon became the world's largest site forauctions. Most other sites for auctions on the Internet thatoperate under the same kind of system as eBay have foundthemselves unable to compete with eBay's size. As a result, eBayis still the leader in that marketplace. However, sites thatoperate differently -- using reverse auctions, for example --offer a vastly different service from eBay and thus are able tostake a claim


for themselves in cyberspace.

All online auctions allow the buyers the convenience of biddingfrom the comfort of home. Bidding, buying and selling can be funand exciting, too. The thrill of placing a bid on an item andlearning you've won the auction can't be beat -- especially ifyou wind up paying less for the item than you'd planned on!

No matter what you're looking for -- ordinary merchandise orobscure one-of-a-kind items -- there are bound to be Internetauctions selling it. With a little bit of savvy and commonsense, you can find what you want and pay a fair price for it,all without ever leaving your home.




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This page was updated on May 2009 and is Copyright © 2003 by Global Com Consulting Inc.